BetMakers Technology has informed its investors that it has agreed to acquire Punting Form, a horse racing intelligence and rating systems provider, after entering a definitive share purchase agreement with its owner, ABettorEdge Pty.
Under the terms of the deal, BetMakers will take over all proprietary IPs and artificial intelligence of Punting Form to enhance its platform for horse racing and further B2B services.
An ASX transaction statement notified: “BetMakers will integrate the Punting Form services and data across all operating divisions, with an immediate focus on Managed Trading Services (part of the Global Betting Services division) allowing pricing improvements across its ratings engine.
“Additionally, Punting Form will expand the current services to include sectional time ratings for North American and other global jurisdictions (including New Zealand, UK, and Ireland) and additional racing formats (greyhounds and harness racing).”
As the proprietor of Punting Form, BetMakers will also reward a cash consideration of AUS $3m ($1.89m) to the technology vendors of JJ Ventures Hong Kong and H Kelly Family Holdings.
The deal also features an AUS $17m ($10.7m) earn-out on ‘achievable targets’ over the next three years based on revenue (X4) and profitability (EBITA x8) targets.
Punting Form will still operate as a standalone B2B business, providing horse racing intelligence services for professional wagering syndicates, wagering operators, content creators, and form analysts globally.
“Sectional Times are at the forefront of any ratings system and required by any serious ratings engine,” commented BetMakers CEO Todd Buckingham.
“The synergies across our business are exceptional with both internal use and our external client base benefiting greatly from this acquisition. The team at Punting Form are very experienced in delivering B2B wagering solutions and we are excited to have them on board at BetMakers.”